Lecture 2 IBF FINANCIAL STATEMENT Q No.1 Saleem provided following Trial Balance on December 31, 2015. TITLE CASH A/C RECEIVABLE OF ACCOUNT DEBIT CREDIT OFFICE EQUIPMENT MARKETING EXPENSE PREAPID ADVERTISING OTHER EXPENSE OFFICE SUPPLIES EXPENSE INTEREST EXPENSE MDS. INVENTORY-BEGINNING PURCHASES TRANSPORTATION-IN SALES RETURN 145,000 175,000 325,000 12,500 8,500 6,000 3,500 16,000 27,800 275,000 22,000 12,000 65,000 SALARIES EXPENSE SALES REVENUE PURCHASES RETURN PURCHASES DISCOUNT COMMISSION INCOME 675,000 1800 4500 27,000 35,000 222,300 55,000 22,700 50,000 | 1093,300 1093,300 A/C PAYABLE COMMON STOCK RETAINED EARNINGS BILL PAYABLE LONG-TERM LOAN TOTAL ADJUSTMENT DATA: 1. Mds. inventory ending Rs.45,000 2. Depreciation on equipment cost 2% 3. Tax rate is 20% applied Required: Prepare Income Statement Prepare Classified Balance Sheet
Lecture 2 IBF FINANCIAL STATEMENT Q No.1 Saleem provided following Trial Balance on December 31, 2015. TITLE CASH A/C RECEIVABLE OF ACCOUNT DEBIT CREDIT OFFICE EQUIPMENT MARKETING EXPENSE PREAPID ADVERTISING OTHER EXPENSE OFFICE SUPPLIES EXPENSE INTEREST EXPENSE MDS. INVENTORY-BEGINNING PURCHASES TRANSPORTATION-IN SALES RETURN 145,000 175,000 325,000 12,500 8,500 6,000 3,500 16,000 27,800 275,000 22,000 12,000 65,000 SALARIES EXPENSE SALES REVENUE PURCHASES RETURN PURCHASES DISCOUNT COMMISSION INCOME 675,000 1800 4500 27,000 35,000 222,300 55,000 22,700 50,000 | 1093,300 1093,300 A/C PAYABLE COMMON STOCK RETAINED EARNINGS BILL PAYABLE LONG-TERM LOAN TOTAL ADJUSTMENT DATA: 1. Mds. inventory ending Rs.45,000 2. Depreciation on equipment cost 2% 3. Tax rate is 20% applied Required: Prepare Income Statement Prepare Classified Balance Sheet
Chapter5: Operating Activities: Purchases And Cash Payments
Section: Chapter Questions
Problem 3.7C
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